Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
multiple high-grade gold-silver drill results from the Florida
Mountain Deposit, located on the DeLamar Project in southwestern
Idaho. The drill holes announced today continue to demonstrate
high-grade gold-silver mineralization below the Florida Mountain
Deposit. The drill results released today cover a strike length of
400 m in the north-south direction and further display the strong
vein continuity present at Florida Mountain. The Company believes
that further drilling at Florida Mountain has the potential to
delineate a high-grade resource that could potentially compliment
the economically robust bulk-tonnage operation outlined in the
Company’s 2019 Preliminary Economic Assessment (“PEA”).
“Today’s high-grade gold-silver drill results
are some of the thickest and best grades released to date by
Integra. Consistent high-grade drill intercepts at Florida Mountain
are showing strong continuity across multiple vein structures. Over
the last three years we have intersected 92 high-grade gold-silver
hits over 4.0 g/t AuEq covering strike lengths of 1,300 meters and
depth extents of up to 400 m. The significance of this deeper
drilling continues to demonstrate the resource expansion potential
below Florida Mountain,” noted George Salamis, Integra Resources’
President and CEO. “Our targeted high-grade hit-rate in drilling is
now 70% and is indicative of a thorough and increasing
understanding of structural and geological controls of these veins
and shoots.”
George Salamis continued, “It is evident that
high-grade gold-silver resource potential occurs below the existing
bulk tonnage, low grade, pit-constrained gold-silver resource that
is currently the focus of a PFS expected in Q4 of this year.
Integra will continue to pursue high-grade exploration from
surface; however, if warranted and supported by additional internal
studies and further drilling, the Company may seek to evaluate the
possibility of transitioning to underground exploration at Florida
Mountain if it appears strongly advantageous. The concept of
potentially adding high-grade resources to a larger, bulk-tonnage
mining scenario like the one presented in the PEA, could have the
potential to further complement and possibly enhance the future
economics and/or production profile of the Project.”
Results for Florida
Mountain:
The following table highlights selected
intercepts from the Florida Mountain drill results announced
today:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
FME-21-113 |
1.83 |
36.58 |
34.75 |
0.62 |
18.21 |
0.85 |
incl |
16.76 |
19.81 |
3.05 |
3.48 |
111.64 |
4.92 |
FME-21-113 |
83.82 |
99.37 |
15.55 |
1.18 |
12.74 |
1.34 |
incl |
86.87 |
88.39 |
1.52 |
7.55 |
4.57 |
7.60 |
FME-21-114 |
11.58 |
13.41 |
1.83 |
2.21 |
8.07 |
2.31 |
FME-21-114 |
124.05 |
125.58 |
1.53 |
2.56 |
14.65 |
2.75 |
FME-21-114 |
217.32 |
240.79 |
23.47 |
0.70 |
58.37 |
1.45 |
incl |
220.37 |
223.11 |
2.74 |
1.11 |
273.42 |
4.63 |
FME-21-114 |
271.27 |
281.94 |
10.67 |
1.15 |
36.85 |
1.62 |
incl |
277.34 |
278.89 |
1.55 |
3.21 |
17.93 |
3.44 |
FME-21-114 |
307.54 |
313.33 |
5.79 |
1.98 |
184.05 |
4.34 |
incl |
307.54 |
309.07 |
1.53 |
3.48 |
564.00 |
10.74 |
incl |
311.81 |
313.33 |
1.52 |
3.95 |
129.00 |
5.61 |
FME-21-116 |
206.62 |
210.46 |
3.84 |
0.22 |
38.71 |
0.71 |
incl |
210.16 |
210.46 |
0.30 |
1.55 |
256.00 |
4.85 |
FME-21-116 |
267.62 |
268.99 |
1.37 |
0.42 |
117.72 |
1.93 |
incl |
268.68 |
268.99 |
0.31 |
0.95 |
300.00 |
4.81 |
FME-21-118 |
87.78 |
96.93 |
9.15 |
1.11 |
13.85 |
1.29 |
FME-21-118 |
187.76 |
199.95 |
12.19 |
1.03 |
11.83 |
1.18 |
FME-21-122 |
2.14 |
20.12 |
17.98 |
3.66 |
18.60 |
3.90 |
incl |
7.16 |
8.84 |
1.68 |
31.89 |
43.91 |
32.45 |
FME-21-123 |
220.06 |
230.73 |
10.67 |
1.40 |
7.15 |
1.50 |
incl |
229.21 |
230.73 |
1.52 |
6.18 |
17.21 |
6.40 |
FME-21-123 |
263.35 |
269.08 |
5.73 |
1.13 |
92.52 |
2.32 |
incl |
268.68 |
269.08 |
0.40 |
3.41 |
512.00 |
10.00 |
FME-21-124 |
5.49 |
28.96 |
23.47 |
0.63 |
11.13 |
0.77 |
FME-21-124 |
79.71 |
89.92 |
10.21 |
0.87 |
23.94 |
1.18 |
FME-21-125 |
12.35 |
43.59 |
31.24 |
3.13 |
104.08 |
4.47 |
incl |
13.72 |
14.63 |
0.91 |
6.17 |
87.60 |
7.30 |
incl |
14.63 |
16.15 |
1.52 |
49.90 |
1622.00 |
70.78 |
FME-21-127 |
16.46 |
38.86 |
22.40 |
0.39 |
20.72 |
0.66 |
FME-21-127 |
163.98 |
169.16 |
5.18 |
24.64 |
295.31 |
28.44 |
incl |
165.35 |
166.57 |
1.22 |
103.94 |
1202.39 |
119.41 |
FME-21-127 |
340.16 |
344.43 |
4.27 |
1.59 |
240.95 |
4.69 |
incl |
340.16 |
340.77 |
0.61 |
9.71 |
1445.00 |
28.30 |
FME-21-130 |
17.22 |
26.61 |
9.39 |
12.50 |
156.92 |
14.52 |
incl |
23.47 |
24.99 |
1.52 |
73.25 |
427.00 |
78.75 |
FME-21-132 |
75.59 |
101.50 |
25.91 |
1.99 |
6.51 |
2.07 |
incl |
80.16 |
81.69 |
1.53 |
16.05 |
46.92 |
16.65 |
FME-21-132 |
147.22 |
148.74 |
1.52 |
1.26 |
212.00 |
3.99 |
FME-21-132 |
278.13 |
279.44 |
1.31 |
2.57 |
348.00 |
7.05 |
FME-21-135 |
162.15 |
169.77 |
7.62 |
2.41 |
256.52 |
5.71 |
incl |
164.29 |
166.18 |
1.89 |
8.38 |
914.00 |
20.15 |
FME-21-135 |
175.87 |
181.81 |
5.94 |
2.55 |
860.68 |
13.62 |
incl |
175.87 |
176.97 |
1.10 |
13.45 |
4617.00 |
72.87 |
FME-21-135 |
218.85 |
219.15 |
0.30 |
2.92 |
339.00 |
7.29 |
(1) Downhole thickness; true width varies
depending on drill hole dip; most drill holes are aimed at
intersecting the vein structures close to perpendicular therefore
true widths are close to downhole widths (approximately 70%
conversion ratio)(2) Gold equivalent = g Au/t + (g Ag/t ÷
77.70)(3) Intervals reported are uncappedTo view a cross
section of select high-grade drill results, please click on the
following link:
https://www.integraresources.com/site/assets/files/2572/august_nr1_draft_xn_-_section_vfinal.pdf
To view a drill location plan map, please click
on the following link:
https://www.integraresources.com/site/assets/files/2572/drill_collar_location_-_fm_-_full_extent_vfinal.pdf
The intercepts reported today consist of
mineralization with wide-spread low-grade gold-silver values,
crosscut and underlain by narrower high-grade, steeply dipping
low-sulphidation quartz-adularia veins. Widespread intercepts from
shallow oxide and transitional resource definition drilling
conducted by Integra over the previous three years has confirmed
potentially mineable widths and grades for these high-grade
structures.
To further define the high-grade resource
potential at Florida Mountain, the Company has chosen to initially
focus on 3 of the 7 known high-grade vein structures. By focusing
on these 3 structures, which include the Alpine Vein, Stone
Cabin-Tip Top Vein and the remnant Trade Dollar – Black Jack vein,
the Company can target drilling to better define each structure and
begin modeling any resulting potential resource. The high-grade
occurs in the form of steeply plunging shoots with down-dip extents
of several hundred meters, primarily within the granite and is
capped by lower-grade stockwork and disseminated mineralization
(open-pittable) within the overlying volcanics. Strike lengths of
the individual shoots tend to be 20 m to 200 m long and with widths
of between 1 m and 8 m. Integra refined its understanding of the
controls on high-grade vein mineralization at Florida Mountain in
2021 and has been using this model to specifically target the
higher-grade “shoots” within the several vein systems identified to
date. These higher-grade shoots are interpreted as being localized
at the intersections of the principal North-Northwest vein
structures with a series of north-east trending splays.
Current Drill Status and Future
Drilling
The Company plans to have 3 drill rigs operating
on site. Two drill rigs are operating at the DeLamar Deposit and a
third drill rig will commence drilling at War Eagle in the coming
weeks.
Pre-Feasibility Study
The PFS is currently on track for completion in
Q4 2021. All column leach tests for Florida Mountain have been
taken down, with the oxide composites complete and the final assays
in process for the transitional composites. In general, the 0.5
inch heap leach feed appears to economically out perform both 2
inch and 0.25 inch feed. Florida Mountain unoxidized mill testing
continues to advance into the more detailed and optimizing stages.
DeLamar column leach composites continue to come on-line as sample
preparation is completed. Initial bottles rolls are complete for
most of the column composites, which set the column test
parameters. Heap leach and mill throughputs have been finalized,
and the PFS design work continues to advance at an accelerated pace
following completion of the major trade-off studies.
Sampling and QA/QC
Procedure
Thorough QA/QC protocols are followed on the
Project, including insertion of duplicate, blank and standard
samples in the assay stream for all drill holes. The samples are
submitted directly to American Assay Labs in Reno, Nevada for
preparation and analysis. Analysis of gold is performed using fire
assay method with atomic absorption (AA) finish on a 1 assay ton
aliquot. Gold results over 5 g/t are re-run using a
gravimetric finish. Silver analysis is performed using ICP for
results up to 100 g/t on a 5 acid digestion, with a fire
assay, gravimetric finish for results over 100 g/t silver.
Qualified Person
The scientific and technical information
contained in this news release has been reviewed and approved by E.
Max Baker Ph.D. (F.AusIMM), Integra’s Vice President Exploration,
and Timothy D. Arnold (PE, SME), Integra’s Chief Operating Officer,
both of Reno, Nevada. Each is a “Qualified Person” (“QP”) as
defined in National Instrument 43- 101 – Standards of Disclosure
for Mineral Projects.
About Integra Resources
Integra is a development-stage mining company
focused on the exploration and de-risking of the past producing
DeLamar Gold-Silver Project in Idaho, USA. Integra is led by the
management team from Integra Gold Corp. which successfully grew,
developed and sold the Lamaque Project, in Quebec, for C$600 M in
2017. Since acquiring the DeLamar Project, which includes the
adjacent DeLamar and Florida Mountain gold and silver Deposits, in
late 2017, the Company has demonstrated significant resource growth
and conversion while providing a robust economic study in its
maiden Preliminary Economic Assessment. The Company is currently
focused on resource growth through brownfield and greenfield
exploration and the start of pre-feasibility level studies designed
to advance the DeLamar Project towards a potential construction
decision. For additional information, please reference the
“Technical Report and Preliminary Economic Assessment for the
DeLamar and Florida Mountain Gold – Silver Project, Owyhee County,
Idaho, USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF DIRECTORSGeorge
SalamisPresident, CEO and Director
CONTACT INFORMATIONCorporate Inquiries:
ir@integraresources.com Company website:
www.integraresources.com Office phone: 1 (604) 416-0576
Forward looking and other cautionary
statements
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian securities legislation. All statements, other than
statements of historical fact, are forward-looking statements and
are based on expectations, estimates and projections as at the date
of this news release. Any statement that involves discussion with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often, but
not always using phrases such as “plans”, “expects”, “is expected”,
“budget”, “scheduled”, “estimates”, “forecasts”, “intends”,
“anticipates”, or “believes” or variations (including negative
variations) of such words and phrases, or state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved) are not statements of
historical fact and may be forward-looking statements. . In this
news release, forward-looking statements relate, among other
things, to: statements about the estimation of mineral resources;
magnitude or quality of mineral deposits; anticipated advancement
of mineral properties or programs; future operations; future
exploration prospects; the completion and timing of mineral
resource estimates and Pre-feasibility studies; future growth
potential of Integra; future underground exploration plans and
future development plans.These forward-looking statements, and any
assumptions upon which they are based, are made in good faith and
reflect our current judgment regarding the direction of our
business. Management believes that these assumptions are
reasonable. Forward-looking information involves known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include, among others: risks related to
the speculative nature of the Company’s business; the Company’s
formative stage of development; the Company’s financial position;
possible variations in mineralization, grade or recovery rates;
actual results of current exploration activities; actual results of
reclamation activities; conclusions of future economic evaluations;
business integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold, silver, base metals or certain
other commodities; fluctuations in currency markets (such as the
Canadian dollar to United States dollar exchange rate); change in
national and local government, legislation, taxation, controls
regulations and political or economic developments; risks and
hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formation pressures, cave-ins and
flooding); inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to
properties. Although the forward-looking statements contained in
this news release are based upon what management of Integra
believes, or believed at the time, to be reasonable assumptions,
Integra cannot assure its shareholders that actual results will be
consistent with such forward-looking statements, as there may be
other factors that cause results not to be anticipated, estimated
or intended.
Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information.
Cautionary Note to U.S. Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource”, “inferred mineral
resource” used herein are Canadian mining terms used in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") under the guidelines set out in the
Canadian Institute of Mining and Metallurgy and Petroleum (the
“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted
by the CIM Council, as may be amended from time to time (the “CIM
Definition Standards”). Inferred mineral resources' have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a
higher category. These definitions differ from the definitions in
the United States Securities and Exchange Commission (the "SEC")
Industry Guide 7 ("Industry Guide 7"). United
States investors are cautioned not to assume that all or any
part of measured or indicated mineral resources will ever be
converted into mineral reserves. United States investors are
also cautioned not to assume that all or any part of an inferred
mineral resource exists, or is economically or legally
mineable.
Under Industry Guide 7, a mineral reserve is
defined as a part of a mineral deposit which could be economically
and legally extracted or produced at the time the mineral reserve
determination is made. While the terms “mineral resource”,
“measured mineral resource”, “indicated mineral resource”, and
“inferred mineral resource” are recognized and required by Canadian
regulations, they are not defined terms under Industry Guide 7 and
historically they have not been permitted to be used in reports and
registration statements filed with the SEC. As such, information
contained herein concerning descriptions of mineralization and
resources under Canadian standards may not be comparable to similar
information made public under Industry Guide 7 by U.S. companies in
SEC filings.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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